August CPI Holds at 3.4% Y/Y, Matching Expectations
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
August CPI came in at 3.4% year-over-year, exactly in line with expectations and unchanged from July. Core CPI, excluding food and energy, rose 2.4% year-over-year, matching expectations and down from 2.5% in July. This is the first inflation print since the recent oil-driven market selloff, and it shows price pressures are not accelerating despite the energy spike. Stocks and bonds rallied following the report. The Nasdaq is trading near its 52-week high, so this in-line number removes a potential negative catalyst for the index. Traders will now focus on whether the Fed sees this as enough to hold rates steady at the next meeting.
At the time of this announcement, IXIC was trading at $26,081.72 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Mace News.